May 13, 2009 Robert McFarlane EVP & Chief Financial Officer RBC Capital Markets Telecommunications Fixed Income Conference

Today's session and our answers to questions contain statements about expected future events and financial and operating results of TELUS that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward- looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly comments are subject to the disclaimer and qualified by the assumptions (including assumptions for 2009 guidance, share repurchases and the launch of satellite TV service later this year), qualifications and risk factors referred to in Management’s discussion and analysis in the 2008 annual report, and the 2009 first quarter Management’s discussion and analysis, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on and in the United States (at Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance. 2 TELUS forward looking statements

Strategic imperatives  Focusing on growth markets of data and wireless  Building national capabilities  Providing integrated solutions  Investing in internal capabilities  Partnering, acquiring and divesting as necessary  Going to market as one team strategic intent… to unleash the power of the Internet to deliver the best solutions to Canadians at home, in the workplace and on the move. Consistent strategy and execution 2000  2009 Leading the way with a proven strategy 3

Strategic focus on data and wireless Revenue TELUS revenues increased 61% since 2000 $9.7B $6.0B Wireless 18% Wireline Local 49% Wireline LD 23% Data 10% 28% 70% Wireline Data 22% Data 8% Wireless Wireline Local 23% 7% Wireline LD months ending June 30, 2000 and March 31, 2009, respectively Wireless 40%

Total simple cash flow by segment ($B) Robust cash flow increasingly driven by wireless segment Wireline Wireless 1 Wireless simple cash flow excl. pmt for wireless spectrum of $356M in 2001 and $882M in 2008 EBITDA less capex

Growing data usage through smartphone adoption Data up 55% in 2008 representing 16% of network revenue Wireless data revenue ($M) $280 $446 $

7 Wireless broadband strategic investments  Optimising transition over time from CDMA to GSM/LTE ecosystem  Investing in HSPA network in 2009 for planned launch early 2010  2009 a peak year in wireless capital  Expected benefits to TELUS  Access roaming revenues  Reduce data transmission costs  Enhance selection and cost of handsets Strengthening our competitive position and cost efficiency

8 Wireline broadband strategic investments  Enhancing high speed networks in BC, Alberta & E. Quebec  Supporting broadband solutions such as IP TV and High Definition (HD)  Expected benefits to TELUS  Supports customer and revenue growth of high-speed Internet and TV  Improves competitive position by increasing coverage  Advances rollout of new services Strengthening our competitive position and supporting growth Strengthening our competitive position and supporting growth

IP TV Rollout – TELUS TV  Continuing rollout of TV service including HDTV and PVR  Target to achieve 90% HDTV urban footprint in next two years  TELUS TV subscribers surpassed 100K milestone in April  Continuing broadband network enhancement initiative TELUS Satellite TV  Recent announcement that commercial launch later in 2009  Complements current IP TV service/entertainment portfolio  Instant increase to TELUS TV bundle footprint in BC & AB to >90%  TELUS branded and delivered under agreement with Bell 9 TELUS TV update TELUS TV subscribers surpassed 100K milestone in April

Building on large enterprise deals Investing in and focusing on key industry verticals  Public sector  Financial services  Energy  Healthcare Implementation track record leading to contract wins

Investing in operational efficiency Ongoing significant acceleration of operational efficiency initiatives driving increased restructuring costs 11 Q1-08 Q2-08 Q3-08 Q4-08 Q Total restructuring costs ($M) 2008A2009E approx

EBITDA interest coverage EBITDA interest coverage ratio Consistent improvements in interest coverage 12 Q EBITDA before restructuring costs divided by Financing costs before gains on redemption and repayment of debt, calculated on a 12-month trailing basis

Net debt to EBITDA Net debt to EBITDA ratio Entering 5 th consecutive year of leverage ratio < 2.0x 13 Q

Long-term financial policy targets 1.9x 1.5 to 2.0xNet Debt : EBITDA Q1-09 Long-term policy Met Minimum liquidity> $1 billion 1.24B 1 Current credit rating BBB+ to A- (or equivalent) BBB+ / A (low) Current Long-term policy Met Strong balance sheet consistent with policy targets 14 1 Includes $200M of unutilized Accounts Receivable securitization

TELUS continues to meet prudent financial policies 15  Strong position with sustainable cash flows and >$1B liquidity  $500M accounts receivable securitization until May 2012  Committed $2B credit facility available until May 2012  $700M 364-day bank facility available until March 2010 (undrawn)  Greater than $1B of low-rate CP issuance outstanding  1.9x net debt to EBITDA within 1.5 to 2.0x long-term guideline  Strong investment grade credit ratings (BBB+/A (low)) with stable outlook  Intend to term-out some existing short-term financing if conditions remain advantageous TELUS funding position

Credit rating overview AgencyRatingOutlook DBRSA (low)Stable trend S&PBBB+Stable outlook Moody’sBaa1Stable outlook FitchBBB+Stable outlook TELUS Corporation TELUS at targeted credit rating with all 4 rating agencies 16

 Annual Report on Annual Reports 2008  TELUS 2007 Annual Report ranked 3rd in world  Canadian Institute of Chartered Accountants (CICA) 2008  Overall award of Excellence for Corporate Reporting  Award of Excellence for Financial Reporting  Honorable mention for corporate governance and corporate social responsibility report  Dow Jones Sustainability Index for eight years  Only 10 Canadian companies on the World Index  Only North American telco in global index e.Com Report Watch 17 Excellence in disclosure and governance

Investor considerations  Consistent strategy  Long term wireless and data growth  Making significant strategic investments in wireless and wireline broadband for long term benefit  History of robust free cash flow generation  Track record of setting & achieving long term credit policies that appropriately balance interests of equity & debt holders  Accomplished record of excellence in reporting, transparency and governance Combination of good growth and resilient cash flow results in solid investment grade credit ratings Combination of good growth and resilient cash flow results in solid investment grade credit ratings 18

Questions? investor relations telus.com

~(450) 2009E Net Cash Interest $3,625 to 3,775 EBITDA (after restructuring) ($M) ~(40) Other Free Cash Flow 1 see Free Cash flow definition on Appendix slide ~(2,050) Capex 750 to 900 Appendix – 2009E Free cash flow Net cash tax payment (320) to (350) Cash pension contribution (in excess of expense) ~(175) Free Cash Flow 1 (incl. cash pension contribution) 575 to 725 Appendix E Free cash flow ($B) 20

Appendix - Current debt structure TELUS Corporation Maturity TELUS Communications Inc. 100% Bank / CP ProgramC$2.0 BRevolver May 2012 Bank Liquidity LineC$0.7 BMarch 2010 US$ 8.0% NotesC$2.4 BJune 2011 CAD$ 4.5% Notes C$0.3 BMarch 2012 CAD$ 5.0% NotesC$0.3 BJune 2013 CAD$ 5.95% NotesC$0.5 BApril 2015 CAD$ 4.95% NotesC$0.7 BMarch 2017 Maturity Mortgage BondsC$0.03BJuly 2010 DebenturesC$0.80B % of total debt at TELUS Corporation 21

Appendix - Intercompany financing TELUS Corporation TELUS Communications Inc. Senior Notes: $6.7B Subordinated Note : $3.6B Subordinated Note: $5.2B As at March 31, 2009 TELUS Corporation has a net $6.7B senior claim at TCI 22

 EBITDA: earnings, after restructuring and workforce reduction costs, before interest, taxes, depreciation and amortization  Capital intensity: capex divided by total revenue  Cash flow: EBITDA less capex  Free cash flow: EBITDA, adding Restructuring and workforce reduction costs, net employee defined benefit plans expense, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures, cash restructuring payments, employer contributions to employee defined benefit plans, and cash related to Other expenses such as charitable donations and securitization fees  Cost of retention (COR): total costs to retain existing subscribers, often presented as a percentage of network revenue TELUS definitions for non-GAAP measures Appendix – definitions 23